Women’s history on financial freedom, narrowing it down to Indigenous African women and African American women, dates back to colonial times and white feminism.
Colonialism brought about the rhetoric of gender bias that pushed women into the demise of financial illiteracy. White feminism, on the downside, centered on racism and overlooked the plights of black women, by upholding the one-size-fits-all approach to feminism.
In reality, employment equality statistics project the idea that all women make seventy-seven cents to a man’s dollar when in true actuality, white women make that much, and women of color make less than white women.
African women were completely excluded from earnings during the colonial period. Women’s labor was undervalued, and their wages were granted to their male counterparts for ‘safekeeping’ with the ideology that women cannot and should not ‘handle money.
It is statistically undeniable that the gender pay gap and job availability for black women is still a major issue. But the true awakening of this is Indigenous African women and African American women, even through the hateful bias, are managing to acclimatize themselves financially. Research has shown that one in four women are starting or operating a business, making Africa the continent with the highest percentage of women entrepreneurs worldwide.
In the United States, an astounding 17% of Black women are in the process of starting or running new businesses. That’s compared to just 10% of white women and 15% of white men. This is just a subsection of what can be accomplished if black women are given their well-deserving financial opportunities. Yet so much has not been done in terms of women and financial freedom.
Black women of all ages and backgrounds struggle with the pressure to earn enough, access education, care for family and plan retirement. And are still responsible for the same living expenses men pay. Overcoming these obstacles demands serious dedication to planning. But how do you plan when the odds are against you?
There is an endless list of the effects of the lack of financial literacy among African women. 70% of African women lack financial literacy, and the lack of financial literacy;
- Remains a major hindrance to their economic empowerment.
- Makes it hard for women to navigate and use financial services, and
- Leads to inappropriate financial decisions
- Exposes women to added risk by borrowing from informal sources, saving too little, and failing to access appropriate financial services.
African women need to be financially literate. With the rise of women entrepreneurs and growing women’s participation in the workforce, improving financial literacy for women is more important than ever. When women unlock their economic potential and access equal opportunities, they contribute to their community’s development and participate in the country’s economic growth.
If we value women, this should be a top priority and a focused solution toward a healthy economic environment.
